BankAmerica Corp. said it has arranged a $500 million commercial paper program for Pemex, the Mexican state oil company.

Twenty non-U.S. banks - including Credit Suisse, Societe Generale, Bank of Montreal, and Midland Bank - are participating in the syndication structured by BankAmerica's New York-based Latin America corporate finance team. BankAmerica said the program is the largest ever by a Latin American issuer, emphasizing that it reflects growing investor confidence in management and future prospects for Mexican companies.

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